|Old Republic’s business is managed for the long-run and without significant regard to the arbitrary strictures of quarterly or even annual reporting periods that American industry must observe. In Old Republic’s view, such short reporting time frames do not comport well with the long-term nature of much of its business. Management believes that the Company’s operating results and financial condition can best be evaluated by observing underwriting and overall operating performance trends over succeeding five to preferably ten year intervals. A ten year period in particular can likely encompass at least one economic and/or underwriting cycle and thereby provide an appropriate time frame for such cycle to run its course, for premium rate changes to emerge in financial results, and for reserved claim costs to be quantified with greater finality and effect. In light of all these considerations, the Company does not provide earnings guidance for any periods.
Old Republic’s financial condition and operating results are evaluated by a number of analysts associated with securities dealers, investment advisory services, and independent rating agencies. A current listing of these analysts and their company association is shown in the table below. It should be noted that their opinions, earnings estimates or forecasts regarding Old Republic’s performance are theirs alone, and do not represent the opinions, forecasts or predictions of Old Republic or its management. The Company does not by its reference below or distribution imply its endorsement of, or concurrence with any such forecasts or recommendations to purchase or sell its securities.